Kenya Housing Financing Company ( HFCK ), whose official name is Limited Housing Financing Company ( HFC Limited ), but commonly referred to as Housing Finance , is a provider of mortgage financing in Kenya, the largest economy in the East African Community. The company is the only mortgage company set up by the Central Bank of Kenya, the central bank and the national banking regulator.
Video Housing Finance Company of Kenya
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Housing Finance Limited is a large mortgage finance company, servicing Kenya's mortgage needs. In December 2013, the company's total assets were valued at approximately US $ 548.4 million (KES: 47.4 billion), with shareholder equity of approximately US $ 67.8 million (KES: 5.86 billion). At that time, the agency was ranked 17th, with assets, from 43 licensed banks and mortgage finance companies in Kenya, then. The shares of the parent company of the mortgage bank (Housing Finance Group of Kenya), are listed on the Nairobi Stock Exchange (NSE), where they trade under the HFCK symbol.
Maps Housing Finance Company of Kenya
History
The company was founded in November 1965, to promote a culture of savings and homeownership among the newly independent Kenyans. Big investors in the company include Commonwealth Development Corporation (CDC), whose shareholdings at one time are as high as 60%, and the Kenyan Government, which at one time owns a 50% stake in the company. CDC since the divestment of Housing Finance Limited and the Government of Kenya has substantially reduced its share ownership.
In 1992, Kenya Housing Finance Company was listed on the Nairobi Stock Exchange, where it was traded under the HFCK symbol. The company adopted a shorter name than Limited Finance Housing , in 2002. In 2010, the Central Bank of Kenya, authorized HFL to issue and operate current accounts; has been authorized to publish and operate savings accounts in the past.
On June 30, 2014, the British-American Investments Company (second largest shareholder in HFCK) served the Housing Finance council with a takeover notice to acquire Equity Group Holdings Limited's 24.76% stake in the mortgage financier. The move will increase Britam's stake to 46.08% and sees Equity Group Holdings Limited ending a seven-year investment in Housing Finance.
In December 2014, HFCK started its restructuring operations. Restructuring involves the following:
- A merger of a wholly owned new subsidiary under the name " HFC Limited ".
- Transfer of banking business and mortgage financing company to its newly established subsidiary, HFC Limited.
- Change the company name to "HF Group Limited" and operate as a non-operating holding company. This is in accordance with the CBK Banking Act and the Prudential Guidelines.
Ownership
Housing Finance Company of Kenya is a wholly owned subsidiary of Housing Finance Group Limited, a non-operating parent company, which trades on the Nairobi Stock Exchange.
Branch network
The company maintains branches in the following locations:
- Rehani Branch - Rehani House, Kenyatta Avenue at Koinange Street, Nairobi
- Gill House Branch - Gill House, Moi Avenue, Nairobi
- Maserah House Branch - Maserah House, Kenyatta Market, Nairobi
- Branch Buru Buru - Epren Center, Buru Buru, Nairobi
- Mombasa Branch - Permanent House, Moi Road, Mombasa
- Nakuru Branch - AFC Building, Geoffrey Kamau Way, Nakuru
- Branch of Pain - Kimathi Way, Pain
- Eldoret Branch -KVDA Plaza, Oloo Street at Utalii Street, Eldoret
- Kisumu Branch - Tivoli Center, Judgment Road, Kisumu
- Thika Branch - Uhuru Street, Thika
- Meru Branch - Westwind Annex Plaza, Tom Mboya Road, Meru
- Kitengela Branch - Red Heron Center, Kitengela
- Ongata Rongai Branch - Maasai Mall, Ongata Rongai
- Nyali Branch - Nyali Center, Link Road, Nyali.
Governance
Steve Mainda , one of the non-executive directors, is chairman of the board of directors. Frank Ireri is the managing director of Housing Finance.
See also
- Equity Group Holdings Limited
- British-American Investment Company
- Kenya Central Bank
- Kenyan economy
References
External links
- Kenya Housing Financing Company Website
Source of the article : Wikipedia
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